Bitcoin champion of falling again. Bitcoin and other cryptocurrencies dipped on Friday as traders braced for Federal Reserve Chairman Jerome Powell’s highly anticipated address at the Jackson Hole Economic Symposium, which is expected to be a stimulus for risky assets.
On Monday, the value of Bitcoin and other cryptocurrencies was declining. Following Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole conference on Friday, which left the door open for future interest-rate rises, cryptocurrency traders were wary.
Bitcoin’s price has dropped 1.5% in the last 24 hours to below $26,100. The largest digital asset has been hovering around $26,000 since a selloff last week ended a period of record low volatility and pushed Bitcoin below $25,500, the lowest level since mid-June.
Cryptocurrencies, like stock indices such as the Dow Jones Industrial Average and the S&P 500, are anticipated to fluctuate in response to Powell’s remarks at Jackson.
Since a selloff earlier this month interrupted its lull and drove prices temporarily below $25,500, Bitcoin has been hanging around $26,000.
According to Javier Molina, market analyst at eToro, the area to monitor right now is $25,000. If that level is maintained. The goal is to recoup $27,000 first, and then $28,500 is a critical zone. If it works, it’s straight to $31,000. Breaking $25,000, on the other hand, opens the door to $23,800 initially and then $21,500 subsequently.
And according to Yuya Hasegawa, an analyst at crypto exchange Bitbank, Bitcoin’s consolidation at approximately $26,000 continues as the market calmly awaits Fed Chair Powell’s address at the Jackson Hole Economic Symposium, making Bitcoin champion of unstable prices.
Other cryptocurrencies, aside from Bitcoin, were generally in decline. Ether, the second-largest cryptocurrency, fell 0.9% to $1,634. Smaller cryptos, or altcoins, were also down, with Cardano down 1.7% and Solana down 1.8%. Dogecoin fell 1.7%.